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"We're going to be lucky if semiconductors are flat next year and they're guiding up," he said.

Rasgon said he was relieved Qualcomm was not forecasting a big dip in operating margins for its chip business from its 2012 margin of 18.9 per cent. Its slides showed a forecast for 2013 margins in a range of 18.5 per cent to 20.5 per cent.

On Nov. 7 Qualcomm reported fiscal year 2012 earnings per share of $US3.51, up 39 per cent from the year before and revenue of $US19.12 billion, up 28 per cent from the year before. Its fiscal year ended Sept. 30.

The executive also said that he doesn't seen any reason to change Qualcomm's dividend policy and that the company would balance its return of money to shareholders between dividends and share buybacks.

In its fiscal year 2012 it bought back about $US1.3 billion worth of stock and paid out $US1.6 billion in dividends.

Qualcomm shares were down 0.7 per cent at $US61.31 in afternoon trade on Nasdaq. In comparison the index of semiconductor stocks was down more than 1 per cent.